WHEELING, W.Va. (WTRF) – The number of Americans filing for unemployment benefits has skyrocketed in the mist of the COVID-19 pandemic.

Many fear this hit to the economy will result in a similar or worse recession than The Great Recession of 2008.

However, some financial experts dispute the claims, noting significant differences.

Significant differences. I mean, we are going to have job losses with some businesses shutting down. However in 08 many of the people that lost there jobs had nothing to come back to and there was no light at the end of the tunnel..All of these people filing right now are filing because they lost there job for the short term. Some of these people and a good portion of these people will be coming back into the workforce to the jobs they just left because they have not been fired, they have been furloughed.

Jason Haswell, Managing Director – Monteverde Group

Haswell also says the recently passed stimulus package should help several local businesses stay afloat.